Before proceeding to read this post, first you will need to let go of the cliché image you have about corporate lawyers. Their work in real life is ultimately different and does not involve court trials.
A corporate lawyer’s duties are very distinct from other kinds of law practitioners since their scope of work is clearer. They act as legal advisors to companies and some of them work exclusively for one company. A corporate lawyer also helps in resolving disputes between the company and its employees or customers.
Corporate lawyers usually deal with complicated business and in this article we will learn more about the common challenges faced by corporate lawyers in the Philippines.
Major Challenges Confronting a Corporate Lawyer in the Philippines
Compliance with Regulations
Philippine businesses are subject to a myriad of regulations. Keeping track of all the policies that a business has to follow can be overwhelming. Also, sometimes the direction that a business wants to follow isn’t exactly law-abiding. That conflict of interest resulted in a thorough research and analysis of corporate lawyers on how businesses can accomplish their goals without clashing against Philippine business laws.
Moreover, the laws change unpredictably and corporate lawyers have to stay updated with changes that are happening so they can help the company protect itself against possible losses due to certain prohibitions.
Dealing with Government Agencies
Corporations that operate in the Philippines are usually monitored by the Department of Trade and Industry (DTI), Security and Exchange Commission (SEC), and Department of Labor and Employment (DOLE). DTI focuses on protecting consumers and promoting the development of micro, small and medium enterprises. SEC oversees the corporations operating in the country and ensures that their financial statements have no anomalies. Lastly, the DOLE is responsible for creating policies that protect the rights of workers.
Corporate lawyers have to coordinate with these three major agencies along with other related departments in terms of registration, license and ensuring that they are following legal bases in their company policies.
Navigating Complex Legal Systems
The Philippine Law is best characterized as a fusion between Roman (civil law), common law, customary usage, and Islamic law. These components give the Philippine legal system its intricate framework. In the case of commercial matters, civil law is being used more.
Lawyers specializing in commercial laws craft contracts, mergers & acquisitions, and other legal documents that are in line with the requirements of the country’s legal requirements. It is also necessary to understand how the laws will benefit or disadvantage their clients so that they can come up with adjustments in the business’s policies that will enable it to run smoothly.
Managing Time and Workload
Regardless of specialization, a lawyer’s workload is always time-sensitive. In a corporate lawyer’s case, they are bound to deadlines since the deals they are negotiating or bylaws they are formulating affect the transactions going on in the company. Therefore, they have to work efficiently to accomplish their work before the deadline comes around.
This can be difficult on the lawyer’s part because there are numerous unexpected incidents that may occur that will increase their workload. Therefore, they must be excellent in handling multiple tasks with tight deadlines.
Why Businesses Should Hire a Corporate Lawyer in the Philippines
A corporate lawyer can help business owners protect their assets by providing advice on how to safeguard their intellectual property, cash assets, and trademark registrations. Their expertise on business laws can help you steer our company in the right direction. That way, you can run your organization in an ethical manner.
If you consult a corporate lawyer in the Philippines, you are investing in your future. It will help pave the path towards sustainable growth that benefits you and your employees.
If you plan to consult with a corporate lawyer in the Philippines, you have many options since there are several law firms specializing in corporate matters. But, scrutinize their previous cases if they successfully handled any companies in the past. If possible, try to know their current roster of clients so you can assess if they have time to give you the legal support that you need.
A corporate lawyer focuses on the internal side of a corporation. They are trusted to double-check the contracts and shareholder agreements. While their job may not be glamorous as compared to the television portrayals, they are crucial in helping businesses achieve their goals while maintaining fairness to their employees and adherence to the law.
In addition, they are responsible for protecting the company’s intellectual property, such as trademarks, patents, and copyrights. Corporate lawyers work closely with business executives, finance professionals, and other legal experts to ensure that the corporation operates smoothly and efficiently. They are an important part of the team that helps businesses grow and succeed in a competitive market.